UAE Prime Minister

Mohammed: our economy is fine and will overcome the challenges

In an interview with CNN, UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum stressed that the UAE economy is strong and fine despite the global economic recession. He reiterated the UAE economy’s ability to overcome the various challenges in the current phase resulting from the global financial crisis, revealing the intention of "Emirates" to conclude a deal to purchase new aircrafts next month.

Sheikh Mohammed said:"The recession is a global phenomenon and I do not think that we, in Dubai, have fears on recession because we consider it a challenge. It is a daily challenge that affects a number of issues such as water, growth and development, so we are not facing a recession in the real sense of the word, but rather challenges," adding:" life is boring if there are no challenges." He also asserted once again that Dubai and Abu Dhabi and the rest of the UAE are fine.

Answering a question about the secret that lies behind the Emirates’ conclusion of major deals worth $15 billion after the 11 September 2001, and another now worth $11.5 billion in the global financial crisis, Sheikh Mohammed said: "I think crises create opportunities to harness, and due to the continued expansion of the Dubai airport and growth in the number of passengers and tourists, it is natural for Emirates Airline to order more aircrafts to keep pace with this expansion, "revealing Emirates intention of placing a large aircraft order at "Farnborough" Air Show, which will be held in July.

The interview with Sheikh Mohammed will be aired in full on CNN on Friday.